Which of the following statements is true when property is contributed in exchange for a partnership interest?
A) Any contributed property in a partnership has a carryover basis, and the character of the property is determined by the way the contributing partner used the property.
B) The partnership's inside basis is typically increased by any gain the partner recognizes from the property contribution.
C) The holding period for a partner's partnership interest depends upon the type of assets a partner contributes.
D)Services are not allowed to be contributed to a partnership in return for a partnership interest.
E)All of these are true

Question

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The Answer of Which of the following statements is true when property is contributed in exchange for a partnership interest?
A) Any contributed property in a partnership has a carryover basis, and the character of the property is determined by the way the contributing partner used the property.
B) The partnership's inside basis is typically increased by any gain the partner recognizes from the property contribution.
C) The holding period for a partner's partnership interest depends upon the type of assets a partner contributes.
D)Services are not allowed to be contributed to a partnership in return for a partnership interest.
E)All of these are true

Which of the Following Statements Is True When Property Is